Vocabulary
PPC
Comparative Advantage
Stuff & Things
Wildcards
100
Economics that focuses on individual firms or markets is called
microeconomics
100
PPC stands for
productions possibilities curve
100
The firm with the largest production overall of a good is considered to have what?
Absolute advantage
100
the word marginal, in economics, means _________
additional
100
Another word for free market economies is
capitalism (or free enterprise)
200
The principle issue of economics is that people have unlimited wants but limited resources. This is called:
Scarcity
200
Everything outside the PPC is considered to be
unattainable
200
Which country here has the absolute advantage in wheat?
China
200
A person who avoids paying for a good or service but benefits from it when it is provided...
Free Rider
200
This person takes all the risk in a business idea...
Steve Jobs, Walt Disney, etc...
Entrepreneur
300
a situation in which the economy is producing what or at people want/need for efficiency
allocative efficiency
300
Everything on the PPC is considered to be
efficient
300
The firm with the lowest opportunity cost to produce a good is considered to have what?
Comparative advantage
300
With each additional unit of a good or service consumed, the marginal utility of each additional unit declines. (You get less the more you consume)
This is called?
Law of Diminishing Marginal utility
300
a situation in which the economy or an economic system operating at maximum productivity
productive efficiency
400
Positive economics is economics based on
factual or objective data
400
Inside the PPC curve is considered to reflect what?
AND give an example
inefficiency
Example: unemployment or not using all resources
400
What is the formula for finding the per-unit opportunity cost?
give up / gain
400
The four factors of production are?
land, labor, capital, entrepreneurship
400
A government payment that helps cover the cost of an economic activity that has the potential to benefit the public as a whole.
Subsidy
500
The most valuable forgone benefit that is implicitly missed, or the "next best alternative"
Opportunity cost.
500
Draw and label a PPC curve (between capital and consumer) on the board with point A as efficient, point B as inefficient, and point C as unattainable.
500
Which country should specialize in the production of wheat?
India
500
These are provided by federal, state, and local governments... are non-excludable and non-rivalrous...
Public Goods
500
List THE shifters of the PPC:
Quantity or Quality of the Resource
Technology
Investment
Policy